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Iridium Development

IRIDIUM DEVELOPMENT INC.

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How to hire a Remodeling Contractor

Remodeling in Pinellas County

  New Kitchen or Bathroom is very important to you and your Family. The added space or versatility in use or just updating the design to something current requires selecting a licensed contractor to do the work. 

  There are many steps in the process and everyone wants to save money. What typically happens is the cheapest path becomes the most expensive and sometimes never completed.  Horror story after horror story, clients have paid contractors more than 50% + of the contract and no or little work is completed in place. 

  Make sure you have answers to these questions in writing: 

  • What precisely is the scope of work?

  • How long will the work take overall?

  • What are the work hours/days?

  • Will I be out of a Kitchen for 2 weeks or 9 months?

  • What happens if the project takes a year?

  • What happens if you did not add work but the Contractor wants more money?

  • Who is responsible for managing the subcontractors? 

  • Is the contractor capitalized to operate business?

  Typical issues

  Google Reviews, There are companies you can hire to create multiple positive Google reviews. Companies with lots of positive reviews are not safe from being bad companies. But there is a way to vet the reviews to help pick good from bad. Read the reviews and you will start to see who the company truly is. You can tell the fake ones from real, the anger from clients and the absurdity from the contractors responses. 

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Summary Sheet of New Home Cost

Renovation in Naples

If you follow these steps you will reduce a bad experience.

  1. Read the reviews and responses.

  2. Stay away from narcissistic responses from the contractor.

  3. Meet face to face with the contractor and go over the work ask about all details.

  4. Review the estimate provided by the contractor beyond the price, look for details= product description, qty, cost. 

  5. Ask for written language of time duration and how will the work be managed.

  6. Ask for missing details to be added.

  7. Define what you are expected to do and what you expect from them.

  8. Add language for delays. 

Transparency

  Selecting the contractor because they provided the lower cost doesn’t mean that is the real cost. I have seen this numerous times over the years, clients pick the lower cost.

  Now what?

  The number was wrong, the contractor did not include 1/2 the work and you find out when you are to far in. You signed a contract that has no finish details but pages of how you cannot give a bad review or negative press. 

  If you have no details explaining what is included in your project then do not hire the contractor, this is true for Plumbing, Electrical, HVAC, Roofing, or General Contracting, Lawn Mowing, Car Repair, etc. 

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Contractor not showing up

Above we discussed how to avoid a bad situation, but what if you are already in one?

Here are some things you need to know.

  1. Confront your contractor and request a completion schedule in writing, make sure you paper all interactions going forward.

  2. Request a list of who and what was paid to date along with signed, notarized lien waivers. 

  3. The lien waivers are proof of payment and you need to know who was paid and how much by your contractor.

  4. Regardless of how much you paid your contractor, if the subcontractors were not paid they can legally (within 90 days) lien your home and foreclose on your property.  

  5. The state of Florida is very difficult to obtain a contractor license. You can use this as leverage, all contractors are out of business without a license. Report your contractor, it is a class one felony to take a clients payment and use the funds for anything outside of the clients project. 

  6. Threaten a lawsuit and hire an attorney. Most likely you have paid for the majority of the work and nothing or hardly anything is completed on site. Hire an attorney and go after the liability insurance the contractor has, also you can go after the state for allowing this person to operate. If this has happened to you there is a very high probability there are many more clients in the same situation, find them and share the cost. 

  7. If you have come to terms, sign a new amendment to go with your original contract. Be certain to have an agreed completion date, cost to complete, timeline and penalty for delays,  all missing details of what is included, and all lien waivers that match your overall payments to date and request lien waivers for all future payments.   

  If you are in a bad situation with your current contractor we can help you by providing you with a real cost to complete the work. This can be used to collect the overpayments you have made to your contractor. We can also work for you as an owners rep and help manage your contractor to complete the work at or near the contract price if possible. 

New Bathroom or Kitchen

If you want to remodel your home please contact Iridium Development Inc. We provide free transparent estimates that are detailed. Our contracts are detailed as well and we use industry standard AIA contracts. During the construction process, we provide our clients with login portals to view who we paid and how much we paid each vendor and sub. 

You can be assured our prices are very fair, the cost includes the entire scope of work to perform the work and complete the work. We stand by our timelines and minimize the overall duration. With our full transparency we eliminate stress and drama and that is always our goal. 

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Remodeling

Considering Renovating Spring 2024?

 Most people start considering remodeling projects and renovations in the spring. Here are somethings to consider:

  1. Create an overall plan   

  2. Build your team

  3. Obtain pricing from your GC 

  4. Leave enough time

  Create your overall plan and if needed do the work in stages. By staging the work you can do things that fit in your budget now or within your time frame between vacations or school etc.

  Build your team, You may think you need a designer or architect first. You really should put everyone in place early before you start designing. I have seen to often when I deliver a price to a client and they are shocked by the number. They tell me it is impossible the cost should be that much, when actually the cost is really the same cost I would pay for my home. What usually happens is a client will negotiate the Architect to charge $X percent over the cost of the project. The client provides a target construction budget and the drawings are suppose to reflect that. Sometimes they do and sometimes they don’t. Client’s many times cause increased budget costs. It is easy to love something drawn on paper, not so much when it blows up the targeted budget.

  On my end I would rather be involved early and give input to numbers while the design develops. If I understand what my client wants to spend I can help with value engineering while the plans are developed. How do you hire a GC early and protect yourself? Interview and screen your GC candidates. You want transparency and trust, knowledge, willingness to work and proactive. You can lock in your GC based on a percentage fee over cost. You can also hire a GC for pre-construction work and send the final plans out for bid to make a final decision. We usually wrap our pre-construction into the project rather than bang up the client for a few hours of time. 

  Time, drawings and design can take 3 months easy. Between selection and review and revision that is a generous time frame. Then permits can take another 2-3 months depending on the work and sometimes longer. Add the time to make GC selections and such and y0u could lose 8 months in preplanning and prep time. Goodbye spring!  

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Remodeling

Build your team and select a General Contractor who is knowledgeable and can provide you preliminary numbers.

Inside tip: The process of hiring a GC or Architect, Designer etc. is the same process and challenge we face when hiring subcontractors. We look for proactive attitudes, details written on paper, fair pricing, professionalism, and really try hard to weed out the BS.   

Construction Budget

  Details matter, when your G.C. provides your estimate there should be line items with details.  You should be able to see what is going into your project and the cost for each item. If you receive one line item with one cost for the entire project…stay away!  

  Some GC will submit very few line items and one price. They may tell you this and that is included, but if you choose someone who cannot put the details on paper you put yourself in a bad place. We stay away from subcontractors who try to do this with us. The gray area is where all the trouble sits. Full details reduce anxiety, surprises, opens up communication, and if everyone is on the same page then you eliminate problems.    

New Homes

Everything should be transparent when dealing with finances. This image is a budget for one of our projects based on renderings we received from the Architect. We have also contributed costs allocations prior to receiving money from this client. Our clients are able to login and view the finances and details associated with the projects we are completing for them 24-7. 

When you are seriously considering a new home or remodeling project you should put thought into the entire design. Know the cost as you design so you do not over design or over build for your neighborhood.

Stage the work based on financial decisions and how you have to live during the work. It may be better to move out short term or work on one floor (or area) at a time. 

Make certain you know what is included by the estimate and not what someone is speaking to you. Have everything listed with a value, this makes changes later much easier. Tile to plumbing fixtures, cabinet design and drawer count, hardware to ceiling light counts. Details, details, and more details. 

Give yourself time to plan and then execute the work, we spend more time planning the work then executing the work. Who wants to live in a construction zone longer than needed? Plan ahead of time as this saves you the most money and grief. Transparency, if your contractor is not transparent then stay away and part ways. To often clients listen to the sale of the project and jump into contracts that have no real explanation or detail of what the work includes. Some contracts have pages of what is not included and how the contractor is not liable for anything. That is a sign to stay away and pump the brakes. You can easily end up paying a deposit or your first invoice that reflects 50-70% completion of the contract work and only have 5% actually finished on site. 5-10% deposits are standard anymore than that beware. Progress payments are for progress. If there has been no work on your property then you should pay nothing. Be Careful to pay only for what you have received or what has been completed on your home. Do not over pay your contractor and only pay for what was completed.  

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Typical Itemized Estimate
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Renovation

Set yourself up to enjoy the process and succeed. New homes, remodeling, and renovating can and should be fun. Work with people who know what they are doing and remove the stress and drama from your project. 

If you are considering remodeling or renovating or even building a new home please contact us as we would enjoy working with you. 

561-597-0021 or info@iridiumdev.io 

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New Home for Sale in Florida

Thinking of Moving?

Tired of the high taxes, crime, cold weather, and short summers?

Florida has 0% personal income tax.

5.5% corporate income tax.

6% state sales tax and max 2% local sales tax (Avge sales tax 7.02%)

$1.3-$1.5M New Home built 2023 in St. Petersburg annual property tax $3,500-$4,200 per yr.  

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Summer all year long!

20 minutes to white sandy beaches.

73 degree average Gulf water temps in November.

Lower cost of Living compared to the North East.

 

 

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Shore Acres St. Petersburg FL

4 Bedroom 4.5 Bathroom Home

Chefs Kitchen

Spacious Rooms

4+ Car Garage

Elevated and Safe

Completion April 2024

New Homes, Additions, Renovations, Remodeling, St. Petersburg and Naples Florida.

561-597-0021 or info@iridiumdev.io

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Collaboration

Florida Realtor Referrals

Custom Homes

  We are currently in search of esteemed real estate agents to collaborate with. Our objective is to establish a long-lasting partnership with you, by providing excellent contracting services for your clients, thereby elevating your reputation to an envious level. With over four decades of experience in construction, constructing homes and apartment complexes for distinguished personalities, we are a valuable asset to your team and we do not operate out of the back of a truck.

  It is said that the friends you keep are a reflection of yourself. That is why we pride ourselves on being the perfect choice for referrals. We are more than capable, professional, and honest. We also offer remodeling loans which cover the cost of home improvements. This can prove advantageous when a client wishes to sell their property at a better value. Furthermore, we realize the importance of determining what is valuable real estate and worth renovating. We provide our professional opinion regarding prudent investments and offer options, irrespective of whether we lose a project. Helping people make sound decisions is more important than adding another project to our year.

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Custom Home Built for Tommy Hilfiger
Judge Judy Estate built in less than 6 Months
Custom Home Built for Judge Judy

Remodeling-New Homes-Renovations

Our firm, unlike our counterparts, distinguishes itself in multiple ways. We take the utmost pride in our professionalism, politeness, intelligence, expertise, transparency, and fair prices. These values are discernible in every interaction we have with our clients. We comprehend the significance of knowledge and utilize it to provide efficient, time-effective resolutions that save our clients money.

Our quotations are credible, transparent and are bound by ethical standards. We maintain our commitment to our clients without any hidden charges or deceitful practices. We present thorough and specific breakdown of every item that makes up the project scope, along with corresponding costs that are shared with you and your client, and finally, our fee is added to the end, leaving no room for ambiguity.

Our business model is rooted in honesty, integrity, and impartiality, and we will continue to demonstrate this attitude in upholding our clients’ interests.

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Our Referral Fee

We offer a referral fee to our network of agents, because we believe in economy of scale we reduce our fee and offer a portion to our realtors keeping our price competitive to the clients. We offer the fees based on the size and scope of the project but our network agents are always generously rewarded. If you have a client who is seeking a remodeling or renovation job or even considering updating a home to sell, please give us a call we look forward to working together. 

561-597-0021

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How to Select the Best Subcontractor

Making the best choice

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Is Price Everything?

There is no definitive way to know who is the best choice.  We have created ways that have helped us with selections of vendors and subcontractors. First impression means a lot and we are lying if we say it different. But it is not always a true guide to choosing the best person for the job. 

Over the years we have created a few ways to help us make the best choices and in this article we are going to share them with you. 

1) Presentation

Our first interaction and every interaction after really allows you to see or discover who this person and company is:

Are they detailed, or over detailed?

Do they really know what they are doing? Or are they trying to hard to win you over with personality?

Is everything a problem? Or are they providing solutions?

When we send out bid packages to new subcontractors we discover a lot about the person bidding and the company. When we send packages out sometimes we receive questions, most times the questions are answered already and the real reason for the call is to try to influence us to think the person really is the best for this job. On our side of the phone we are taking notes, questions asked by vendor are overlooked on the bid details, or subcontractor did not read what we requested pricing on, etc. 

Other times we receive a call and small chit chat and then a round cost over the phone for the work. This happens more often than you would imagine and really I still do not understand the reason behind it. “Ok we can do your work then for $100 per square let us know when you are ready”. No written proposal, no details of what is required or included. Do they really think that will result in obtaining a job?

Then there are those who send over a number, no inclusions, sometimes exclusions, but never any details of what is included and the price is insanely high. These bids to me are “F/U”, why do they send it rather than just pass? I don’t know and from my point of view a pass would be better than a telephone number without details. Why go through the trouble?

Last is the fishing expedition, the phone call where they have the price and start talking to you. They talk about everything and anything they can to become friends and then hit you with a ridiculous price they are thinking of sending over but want to know what I think. Hmm, I think…. no I won’t share what I really think but most of my responses are,

How long do you expect the work to take you?

How many people?

How many hours do your crews work a day? 

I always leave it at this, if they cannot see that charging $100.00 per hour per person to install siding (material and nails extra) isn’t insane… then we really shouldn’t work together. 

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Remodeling

2) Details 

When you do get past the stage of presentation and recievea bid, then you need to review the details. The saying “what you see is what you get,” that becomes true at this stage. A specific detailed bid regardless fo the number represents someone who reviewed the work and put time in to present the bid. They can drive a dirty disheveled truck and where dirty clothes but they reviewed the work and created on paper a list of what the work is and a cost associated. This is very important, and price is not a factor yet. You need more of these types of bids to asses and choose wisely. This is where you start your qualification process in selecting the best person for the job. 

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New Homes

3) Leveling

At this stage you have detailed bids to review. The subcontractors submitted insurance certificates so you can cross reference and mark who has what coverage (keep in mind you can request them to add missing items to be awarded the work later). You now create a leveling model where you have items listed across of inclusions and exclusions. 99% of the time the bids are different so you consolidate the missing information and request this information from the other bidders. When you are  finished you have created equal content in each bid or excluded a bidder during the process. 

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4) Price 

You really cannot select anyone earlier than this stage based on price. Until you level the field you just have no idea what the cost should because you haven’t defined the work. Now you can and here is how we make our decisions. We want to know how many people on the crew and what are the hours involved in the work. One of the selections is too much time, I want my subcontractors in and out. The least amount of time is best for me and I would pay a little extra for that. When I see the amount of time and hours to do the work then I can break down a fair cost. As mentioned earlier, I really am not going to pay siders $100.00 per hour to cut and nail siding I purchased, sorry.  If there are insurance gaps we request the contender to agree to add the coverage we need, plus tell us the cost. This is how we finalize selection of scope and price.  

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Choose your General Contractor

5) Selection

Now you have a few bids to make your selection. For us it comes down to who do we feel will work harder for us and get the job done. We are hired to perform and our vendors and subs need to perform. We like to be dealing with decision makers and ideally the person who is in charge of the schedule and work. Larger companies with estimating divisions etc. do not fit in our specialty space. Our clients hire us to get the work done at the highest level of quality and detail. For us to perform at this caliber the team we put together needs to be the same as us.  

We select our subcontractor or vendor and put together an agreement made with the details we leveled and cost. Our agreements are based on time to complete and this is where we add language of the work days, crew size, and duration. Unless acts of God or something that is outside the control of the subcontractor or vendor cause delays to the project there is a penalty imposed for delays. 

Of the 120 custom homes we have built over the years we have only imposed a penalty for one subcontractor to date.  The penalty did what it was supposed to do and that was protect us from those who start projects and never finish. We had a plumber who started an 18,500 sf house for us, $125,000 plumbing contract and they had 2 people on site and not even everyday. They worked random days and hours. We missed our inspection schedule and eventually had to bring another company on board to finish. It was a disaster and with all of the selection and due diligence process until it comes down to doing the work you just never really know. 

Contract

6) Contract

Paper everything, make sure to put all of the details of the work, the insurance and the duration of the project on paper. Discuss everything with your vendor or subcontractor. The last thing you want to do is start a project with someone who is not going to pull through. You also do not want to try to trap someone and take advantage of them. Be honest and open, discuss needs and create an agreement everyone can sign and be happy with. 

We lay everything out on paper and place schedule and performance in the hands of the sub or vendor. I write our agreements as if I am performing the work, If everything is on site can I finish the work in X days? Sure, as long as everything is there and there are no changes I can do it. So if I can then you can and we need to find a timeline and language that works. Include the cost of the project the scope of work and the payment arrangements. Most jobs are progress payments and per AIA (and State) law “deposits are for material only”. You cannot collect a deposit for labor and the deposit you collect has to be for material delivered onsite, not in your warehouse. We are paid and we pay for work performed in place. This is standard language and law in most states and is in Florida. I have heard of many General Contractors billing clients over 60% of the project before any work has begun. That is actually a felony and not allowed in the State of Florida. 

A contract is only as good as the paper it is written on, our goal is to bring everything to the surface, be transparent and open so we can work and complete the project knowing what we have to do, what the cost is, and when we will get paid. These are the main objectives and what we accomplish. 

Good luck in your venture and if you have any questions or need any advice please contact us at: info@iridiumdev.io

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Shore Acres Pop Up

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Flood Damage Home Solution

Stop dealing with high flood insurance and damage. Raise the house and increase your home/property value. 

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No More Damage

We can use your existing footprint and build a new home on top of your block walls. We simply add columns and beams to support the new level.   

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New Second Story Home

This is a proven solution to ending extreme flood insurance premiums and also having to deal with water damage. Starting at $185,000 we can build an elevated home that would have a finished valuation of $950,000-$1,100,000. 

IMG 1011

Selective Demo

We do not go in and crush your home, we selectively demo your current home. Utilize the existing bones and build off by shoring up the existing frame. This saves you cost and time. Our process is complete for you in under 6 months. 

We start with the layout of your existing home and rebuild that layout over the top of your concrete block walls. This is done by adding new columns and support beams. 

If you have a Florida home in a flood zone, contact us for a free estimate and stop paying extreme flood insurance premiums. Protect your investment and increase your homes value. Repairing an existing flood prone home is equal to burning your cash. Raising your home increases your net worth.  

info@iridiumdev.io

561-597-0021 

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How to Build a Spec House Part II

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House Design

 On How to Build a Spec House Part I we discussed the math behind selecting the property and sale price. Part II we will go over the house design and how to deliver a product better than your competitors. 

  When you know your targeted market and house size, now you need to design the home you are going to build. Many people think you can have a house design before you have a property in mind and that is not true. 

  Select the house to fit the lot, do not select any house for any lot. An example can be a rear downhill sloping lot, if you select a home that is deep without a basement then you need to build the grade up at the rear of the home to compensate for the lot slope.  This can be extremely expensive and usually when you need fill it is not available. For a down sloping rear lot a home with a walkout lower level is best. Just like a home with one story fits a flat lot perfectly. An uphill lot fits a house with a garage under to cut the vertical angle of the driveway and so on. You need to select something that works with the contours of the land and not against them.   

  Finishes and design are dictated by the comps of your market space. The sales prices dictate what you have to spend and the room for your profit. Colonial style homes have minimal wasted space so the cost per foot is less than something with more angles. Sometimes a home with more angles elevates the design style and sales price so it may be the best fit for your comps. You want to provide a great flowing usable lay out. Family space along with work space as in the Kitchen. Have you ever tried to cook in a Kitchen where the range is sandwiched in a brick or tile alcove?  They provided 6″ of counter for fire protection on each side, it looks nice but really is not suitable for cooking. 

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House Selection

  Put yourself in the buyer’s shoes and make sure your design is family friendly. You also need to design something that works with the budget. Most colonial style homes use square or rectangle layouts that have usable space, some houses with curved rooms have wasted space that incurs cost to build. True Modern homes are minimal, many designers say they are cheaper to build. I have found that is not true, they are beautiful and I love them but typically there are flush beams that limit wires, HVAC, plumbing pipes causing higher install cost. Larger windows are also expensive and especially in hurricane prone areas. 

  Before going to far in design start working your math to make sure you do not over design or over spend on professional fees for a house that blows your budget.   

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You have to Give to Get

  If you build it do they come? That is only in the movies, you need to give to get and finishes are where the give is. Fancy paint colors, design fads, these are items to stay away. Working in the Northeast you see design styles earlier than you see on the west coast or southern states. Black windows for instance or waterfall countertops have been around since the early 2000s and we are 10+ years past that design style, black windows work in a modern design home or in a metal frame older style window. Modern Farmhouse… OMG Stay away! 

  You need a design most people will love, not to heavy and not skimpy. Design style, colors, textures that a majority of people will like. They can customize somethings after the purchase but you want to stay middle so most will be happy with your choices. Busy moldings, weird wood on walls, crazy paint color to create a feature wall, save those designs for your own house. Keep your spec house clean with room to add. Saving money is great and you need to, but keep in mind what your sale price is. Maybe a $1.10 sf floor is not going to look great in a $1.6M home. Same for a $8.50 sf floor in a $300K home. You have to find balance and you should one up your competitors in your price point but just do not over or under do it.

More to come: info@iridiumdev.io